Carbon Felt and Graphite Felt Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The market is segmented by Raw Material Type (Polyacrylonitrile, Rayon, and Other Raw Material Types), Type (Carbon felt and Graphite Felt), Application (Heat Insulation, Batteries, Semiconductors, Absorptive Materials, and Other Applications), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). The report offers market size and forecasts for Carbon Felt and Graphite Felt in revenue (USD million) for all the above segments.

Market Snapshot

Carbon Felt and Graphite Felt Market - Market Summary
Study Period: 2016 - 2026
Base Year: 2021
Fastest Growing Market: Asia Pacific
Largest Market: Asia Pacific
CAGR: >8 %

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Market Overview

The Global Carbon Felt and Graphite Felt Market is projected to register a CAGR of over 8% during the forecast period (2021-2026). 

Due to COVID-19, the global economy has affected affecting the numerous industries across the world. The carbon felt and graphite felt market also witnessed its repercussion in terms of both productions, as well as demand from the end-user industries, such as iron and steel, batteries, electronics, and semiconductors, etc.​ In the annual industries survey conducted by JEITA, production by the global electronics and information technology industries was estimated an increase of 2% year on year in 2020 reaching USD2,972.7 billion, and 7% year on year in 2021 to record USD 3,175.6 billion. Despite considerable economic uncertainty around the spread of COVID-19, moves to secure social distancing and realize remote and contactless interaction with remote IT that utilizes the increasing sophistication of 5G and local 5G networks will boost demand for solution services thus boosting the demand for semiconductors and electronics.

  • Over the medium term, the major factor driving the market studied is the improved performance of carbon fiber in high-temperature applications.
  • On the flip side, the high cost associated with carbon felt manufacturing is expected to hinder the market growth.
  • Asia-Pacific region dominated the market across the globe with the largest consumption from countries such as India and China.

Scope of the Report

The carbon felt and graphite felt market is segmented by raw material type, type, application, and geography. By raw material type, the market is segmented into polyacrylonitrile, rayon, and other raw material types. By type, the market is segmented into carbon felt and graphite felt. By application, the market is segmented into heat insulation, batteries, semiconductors, absorptive materials, and other applications. The report also covers the market size and forecasts for the Carbon Felt and Graphite Felt Market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of revenue (USD Million).

Raw Material Type
Polyacrylonitrile (PAN)
Other Raw Material Types
Carbon Felt
Graphite Felt
Heat Insulation
Absorptive Materials
Other Applications
South Korea
Rest of Asia-Pacific
North America
United States
United Kingdom
Rest of Europe
South America
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa

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Key Market Trends

Growing Demand from Heat Insulation Segment

  • The carbon and graphite felts are used in high-temperature refractory insulations because of their flexible properties. These felts are majorly used in vacuum and protected atmospheric environments going up to approximately 30,000° C in temperature.
  • Carbon and graphite felt are easy to cut and install; they have low density and thermal mass and have low ash and sulfur content, making them a good insulation material for heat insulation purposes.
  • Several industrial activities, like heating fluids, vacuum distillation, or manufacturing of gases, such as ethylene, vinyl chloride monomer, and synthetic gas, have employed process furnaces. Other than these, steel manufacturing is the major industry where a furnace is used.
  • Over the past few years, the market for furnaces has experienced lots of changes, primarily driven by energy efficiency and cost reductions. For this purpose, carbon and graphite felts are being applied. The furnaces’ inner chamber is lined up of carbon or graphite felt, to insulate it, thereby saving a lot of capital expenditure in temperature maintenance and energy efficiency.
  • According to the World Steel Association, the global steel demand reached about 1.76 million metric ton in 2019, and it was projected to reach 1.81 million tons by 2021, registering a growth of about 1.7%. This indicates the demand prospect prevailing in the global market, which serves instrumental in driving steel production activities.
  • According to World Steel Association, global crude steel production in the year 2020 has reached 1,864 million tons, down by 0.9% compared to 2019 due to COVID-19.
  • PAN type of felt has higher strength and is not soft. Thus, the demand for PAN type of Carbon and Graphite felt is much higher in heat insulation segments.
Carbon Felt and Graphite Felt Market - Segmentation

Asia-Pacific Region to Dominate the Market

  • Asia-Pacific region is expected to dominate the market for carbon felt and graphite felt market, during the forecast period. In countries like China, India, and Japan because of growing demand from batteries, heat insulation, and the demand for carbon felt and graphite felt increased.
  • This can be attributed to the fact that the region is observing increasing production of steel, along with the increasing manufacturing of semiconductors. The demand for carbon felt and graphite felt has been on the rise in the region lately.
  • China has one of the largest markets for the semiconductor industry and registered huge growth over the years. In 2018 China produces just 16% of the semiconductors that they use, but it has plans to produce 70% of all semiconductors the nation uses by 2025.
  • According to the India Electronics and Semiconductor Association (IESA), electronics production contributed 3.3% to the economy in 2020. It is estimated to grow to USD 320 billion by 2025. With additional measures, it has potential to reach USD 410 billion, which will be 8.2% of USD 5 trillion India's GDP target by 2025. The Indian electronics industry is increasing due to the expansion of the electronics-manufacturing base in the country. These industries are expected to witness further growth during the forecast period, which is expected to augment the market for carbon and graphite felt.
  • Furthermore, PAN-based carbon and graphite felts are used as electrode backings in various battery designs, including vanadium redox flow batteries (VRB). The high conductivity, high purity, and chemical resistance of felts make them ideal for the demanding design criteria of flow battery developers.
  • Owing to the encouraging government initiatives and a vast consumer base, the manufacturing sector of electronics, batteries, and semiconductors in Asia-Pacific region is expected to increase at a consistent rate during the forecast period. 
Carbon Felt and Graphite Felt Market - Regional Trend

Competitive Landscape

The carbon felt and graphite felt market is fragmented in nature with the presence of a large number of companies eyeing for a share in the market. The major companies are SGL Carbon, TORAY INDUSTRIES, INC., KUREHA CORPORATION, Nippon Carbon Co., Ltd, and Beijing Great Wall Co., Ltd.

Table of Contents


    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study




    1. 4.1 Drivers

      1. 4.1.1 Improved Performance of Carbon Fiber in High Temperature Applications

      2. 4.1.2 Other Drivers

    2. 4.2 Restraints

      1. 4.2.1 High Cost Associated With Carbon Felt Manufacturing

      2. 4.2.2 Impact of COVID-19 Outbreak

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Degree of Competition


    1. 5.1 Raw Material Type

      1. 5.1.1 Polyacrylonitrile (PAN)

      2. 5.1.2 Rayon

      3. 5.1.3 Other Raw Material Types

    2. 5.2 Type

      1. 5.2.1 Carbon Felt

      2. 5.2.2 Graphite Felt

    3. 5.3 Application

      1. 5.3.1 Heat Insulation

      2. 5.3.2 Batteries

      3. 5.3.3 Semiconductors

      4. 5.3.4 Absorptive Materials

      5. 5.3.5 Other Applications

    4. 5.4 Geography

      1. 5.4.1 Asia-Pacific

        1. China

        2. India

        3. Japan

        4. South Korea

        5. Rest of Asia-Pacific

      2. 5.4.2 North America

        1. United States

        2. Canada

        3. Mexico

      3. 5.4.3 Europe

        1. Germany

        2. United Kingdom

        3. France

        4. Italy

        5. Rest of Europe

      4. 5.4.4 South America

        1. Brazil

        2. Argentina

        3. Rest of South America

      5. 5.4.5 Middle-East and Africa

        1. Saudi Arabia

        2. South Africa

        3. Rest of Middle-East and Africa


    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share(%)**/Ranking Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 Advanced Graphite Materials

      2. 6.4.2 Anshan Sinocarb Carbon Fibers Co., Ltd


      4. 6.4.4 Beijing Great Wall Co.,Ltd.

      5. 6.4.5 CeraMaterials

      6. 6.4.6 CeTech Co. Ltd

      7. 6.4.7 CFCCARBON CO,. LTD

      8. 6.4.8 CGT Carbon GmbH

      9. 6.4.9 Chemshine Carbon Co.,Ltd.

      10. 6.4.10 Fiber Materials Inc.

      11. 6.4.11 Gansu Haoshi Carbon Fiber Co.,Ltd

      12. 6.4.12 KUREHA CORPORATION

      13. 6.4.13 Nippon Carbon Co Ltd

      14. 6.4.14 SGL Carbon

      15. 6.4.15 Sinotek Materials Co., Ltd

      16. 6.4.16 TORAY INDUSTRIES, INC.

    5. *List Not Exhaustive

    1. 7.1 Growing Demand for the Electric vehicles

    2. 7.2 Other Opportunities

**Subject to Availability

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Frequently Asked Questions

The Carbon Felt and Graphite Felt Market market is studied from 2016 - 2026.

The Carbon Felt and Graphite Felt Market is growing at a CAGR of >8% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

Asia Pacific holds highest share in 2020.

SGL Carbon , TORAY INDUSTRIES, INC. , KUREHA CORPORATION , Beijing Great Wall Co., Ltd. , Nippon Carbon Co., Ltd are the major companies operating in Carbon Felt and Graphite Felt Market.

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